While the fuel subsidy removal is biting hard on Nigerians, the Central Bank of Nigeria (CBN), is set to recover loans it granted some categories of Nigerians to ameliorate harsh socio-economic realities as a result of the outbreak of COVID 19.
The loan initiative involved is the Targeted Credit Facilities (TCF), granted to some Nigerians in 2020 to cushion the economic effect of COVID-19.
Some beneficiaries of the facility, however, expressed concern about the manner of recovery as some took the loans on the belief that they would not required to pay back
But the CBN has started recovering its money through the accounts of the beneficiaries of the scheme
A beneficiary of the TCF was reported complaining about arbitrary loan deductions from his bank account.
“When I was granted the loan facility in 2020, the bank official that processed the release through NIRSAL Microfinance Bank (NMFB) got a commission of N50, 000, and I was paid N450,000.
There are reports that NMFB recently called for the repayment of COVID-19 loans given to households and business operators across the country.
The CBN had in March 2020, introduced the N50 billion TCF to support households and Micro, Small and Medium-sized enterprises (MSMEs) that have been particularly hit hard by COVID-19.
The loans were disbursed to beneficiaries by NIRSAL, an entity owned by CBN, at an interest rate of five per cent with a moratorium period that lasts till February 28, 2021.
At the expiration of the moratorium, the interest rate of the facility reverts to nine per cent from March 1, 2021.
According to NMFB in Its official twitter handle, we have played our part. It is now your turn.
The MFB revealed that it had given out loans worth N503 billion to more than 881,081 Nigerians and business operators to cushion the effects of the pandemic.
It urged beneficiaries to take steps to repay the loans, as they were not given as grants.
“You are expected to visit the nearest NIRSAL branch to obtain a loan repayment schedule.
You must ensure that your loan account is always funded,” it said.
